Dear all
auditor of company has resigned after appointing him in agm and wants to appoint another audit firm in place of existing.Please mention procedure for appointing another auditor.

what would be the accounting treatment of depreciation if the remaining useful life is less than or equal to one year? for example:- asset purchased on 20/02/2010 useful life as per companies act,2013 is 5 years cost of asset is 26000 what would be the depreciation for F.Y 2014-15

Director having one lorry
he want to transfer the asset to company what is the procedure ? how to account for

Dear all,

We are incorporating a company in which both the directors are foreign nationals.

Now since they cant come to India, how to complete the notarization formalities of INC 9 & INC 10.

Also CA has to witness in MOA & AOA that signed in my presence. How to deal with this!

Kindly clarify.

Dear Sir,

In case of a private ltd.company having 1 lac paid up capital and turnover Rs.1.25 crore, can the Form 23AC ,23ACA for the year ended 31st Msrch 2014 approved in AGM held on 30.098.2014 be filed now with additonal fes and upto which date.What is 270+30 days formula in the new conpany law.
Please guide. Thanks in advance.

An existing company filed INC 1 for reserving name. The form is under process and it has not been approved.

Now the company wishes to apply for some other name and to withdraw the existing form under process?

Please guide.

We already filed form 1 of llp and got the name.Actually there are four partners in which they are two designated partners and two individual partners but while filling form 2,we filled as total number of designated partners are two.and total number of partners are 4.It was asked to file addendum to form 2,but we filed addendum but it was showing excess in authorised capital in form 2 and it was rejected in uploading.
Can you please suggest us any solution urgently

Can I have the Format of attachment (Details of LLP and/ or company in which partner/ designated partner are a director/ partner (It is mandatory to attach this detail in case any partner/ DP is a partner in any LLP and/ or director in any company)) of Form 11 of LLP i.e Annaul Return pursuant to rule 25(1) of Limited Liability Partnership Rules, 2009? Its very urgent.

Dear sir,

please guide me on the following issue.

My client is a private limited company got a proposal from a foreign company that they will invest in my client's company as seed investor by participating in equity shares. Guide me as to whether the issue will be u/s 62(1)(a)(iii) or 62(1)(c).And also guide me about the secretarial procedures to be followed.

Dear all



schedule II of Companies Act 2013 has specified the useful life of various assets. Based on that, every company will have to follow the procedure specified as per Schedule II.



Due to this change, following thing will happen



1. More Depreciation in current Year, as compared to earlier year(s).

2. Where the useful life of asset is already over as on 1 April 2014, then carrying value of such assets will have to be recognized (i.e. adjusted) against Retained Earnings.



My Queries are :



a. How one can justify the extra charge of depreciation in current year, this is especially will be debated by Tax authorities in cases where the companies are falling under MAT.



b. as the carrying value of assets, (life of which is over as compared to life specified by Sch. II ) will be adjusted against Free Reserves.. it means, profit available for share holders will get reduced.. how the companies are tackling this issue. this will be very crucial in case of Listed Companies.




c. one more query... Sch. II mentions that Where useful life or residual value of the assets, which is different from the above limits, , the financial statements shall disclose such difference and provide Justification in this behalf duly supported by technical advice.




my query in point "c" above is that, who is technical expert? e.g. the life specified as per Sch. II for IT equipments (othe than Server ) is 3 years.. where as in reality, we use say laptop for more that even 5 years... in that case, can we keep ADVICE from our IT head (who is expert in his own field) and say this is a Technical advice?



request you all to advice on these 3 queries.



thanks and advance for your advice.



best regards

CA Narendra Wadadekar